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. >> i'm willing to compromise and find common ground over how to reduce the deficit, america cannot afford another debate with this congress about whether or not they should pay the bills they have racked up. what i will not do is to have that negotiation with gun at the head of the people. >> dana: interesting choice of words to describe that. eric, you talked about not wanting the country to lurch from crisis to crisis. most americans would agree and want washington to fix fundamental problems. why do we have to have the debate every three months? >> eric: sure. start with the debt ceiling and how it came about. prior to world war i, everybody was paid. the debt we incurred was paid for through various bonds. world war i to world war ii, fdr got together with the treasury secretary and set let's put a debt ceiling op and they started to borrow money. that amount in 1949 was $45 billion. today, $16.4 trillion. that is 46,400% higher. between 1939 and 1980, we never exceeded $1 trillion in debt. now we push $17 trillion. the problem with the sound bite is president obama was the guy
. >> i'm willing to compromise and find common ground over how to reduce the deficit, america cannot afford another debate with this congress about whether or not they should pay the bills they have racked up. what i will not do is to have that negotiation with gun at the head of the people. >> dana: interesting choice of words to describe that. eric, you talked about not wanting the country to lurch from crisis to crisis. most americans would agree and want washington to fix...
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if the issue is deficit reduction, getting our deficits sustainable over time, getting our debt in a sustainable place, then democrats and republicans in congress will have a partner with me. we can achieve that and we can achieve it fairly quickly. we know what the numbers are, we know what needs to be done. we know what a balanced approach would take, and we've already done probably more than half of the deficit reduction we need to stabilize the debt and the deficit. there's probably been more pain and drama in getting there than we needed. and so finishing the job shouldn't be that difficult, if everybody comes to the conversation with an open mind and if there's some things like paying our bills should not be out of bounds. i'll take one last question. >> mr. president, i would like to ask you, now that you've reached the end of your first term, starting your second, about a couple of criticisms. one that's long-standing, another more recent. the long-standing one seems to become a truism of sorts, that you and your staff are too insular, that you don't socialize enough. and the
if the issue is deficit reduction, getting our deficits sustainable over time, getting our debt in a sustainable place, then democrats and republicans in congress will have a partner with me. we can achieve that and we can achieve it fairly quickly. we know what the numbers are, we know what needs to be done. we know what a balanced approach would take, and we've already done probably more than half of the deficit reduction we need to stabilize the debt and the deficit. there's probably been...
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i think a lot of what they complain about with respect to us, for example, our large fiscal deficits, one example, i think it would be in our interest to deal with. similarly, a lot of what we complain about with respect to them, their export-driven strategy, the absence of domestic demand, it's critically important to have sustainable growth going forward to deal with that issue. so i think we have a common self interest in dealing with many of the issues that we complain to each other about. >> what should be the core elements of a u.s.-china relationship going forward? >> the core elements of a cooperative u.s.-chinese relationship is in many respects in the communique by presidents obama and jintao of china, itemizing and developing several ears to be koob rating because it sets a framework, a framework in which the word partnership is really given meaning and a framework for something unprecedented in the history of human affairs, namely, when two major powers arise, they almost never collide. for the first time in history, america and china have the opportunity to avoid that, to
i think a lot of what they complain about with respect to us, for example, our large fiscal deficits, one example, i think it would be in our interest to deal with. similarly, a lot of what we complain about with respect to them, their export-driven strategy, the absence of domestic demand, it's critically important to have sustainable growth going forward to deal with that issue. so i think we have a common self interest in dealing with many of the issues that we complain to each other about....
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. >> reporter: president obama stating very clearly today that he will not negotiate deficit reduction, tax increases and spending cuts attached to the debt ceiling. this of course does follow that bruising battle the year before last, where he did negotiate on the issue, and the u.s. nearly went to the brink of default. he said that congress has to pay the bills that it's already racked up. >> you don't go out to dinner and then, you know, eat all you want and then leave without paying the check. and if you do, you're breaking the law. and congress should think about it the same way that the american people do. you don't -- now, if congress want, to have a debate about maybe we shouldn't go out to dinner next time, maybe we should go to a more modest restaurant, that's fine. that's the debate that we should have. >> reporter: in this press conference that was called last minute in the east room, president obama said he will negotiate a deal on deficit reduction but not, as he put it, quote, with a gun to the head of the american people. as you know, joe, republicans are saying they're
. >> reporter: president obama stating very clearly today that he will not negotiate deficit reduction, tax increases and spending cuts attached to the debt ceiling. this of course does follow that bruising battle the year before last, where he did negotiate on the issue, and the u.s. nearly went to the brink of default. he said that congress has to pay the bills that it's already racked up. >> you don't go out to dinner and then, you know, eat all you want and then leave without...
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. >> megyn: and my last question for you quickly he's put in place, 3.25 in place of deficit reduction, a little short of 4 trillion we need, but he would have the american public believe he's significantly reduced our deficit as president. >> which makes you wonder why we need another 2 trillion dollars so desperately now as we are getting ready for the beginning of his second term. obviously, that's 2 1/2 trillion that is, well, fanciful in my opinion and ethereal in others and it's not a reduction in baseline, it's a reduction in the rate of growth of spending, which is again suffocating to the private economy and unsustainable over the course of the next several years. >> megyn: one thing we did hear the president reference personally, we heard it from nancy pelosi prior, but the president personally talking about now closing more loopholes and that means higher taxes. we don't know on who, but he would not specify any specific spending reductions and refusing to negotiate with the house republicans on the issue of the debt ceiling. lou, an interesting couple of months. looking for
. >> megyn: and my last question for you quickly he's put in place, 3.25 in place of deficit reduction, a little short of 4 trillion we need, but he would have the american public believe he's significantly reduced our deficit as president. >> which makes you wonder why we need another 2 trillion dollars so desperately now as we are getting ready for the beginning of his second term. obviously, that's 2 1/2 trillion that is, well, fanciful in my opinion and ethereal in others and...
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we cannot afford a $4 billion a day deficit and trillion dollar plus deficits every single year. we just cannot afford it. so it requires thoughtfulness and it requires that we are going to have a plan to work through this. i think that that's where we as republicans are headed. >> congresswoman marsha blackburn, thank you for taking the time to talk to us. michael, let me get back to you in this meeting that speaker boehner is going to be having and convince that he's going to have to do to conservative members of his party. how tough a sell job? >> i think it's tough. one reason it's tough, i was struck by the congresswoman's comments. i think there is fundamental disagreement about what it would mean not to just have a clean raising of the debt ceiling. so, in other words, if i heard the congresswoman correctly, i think she was reflecting a sense among some people that you could shut down the government, stop paying some bills, pay other bills, pay interest on the debt, for instance, and we could kind of get through it that way. i think a lot of -- a lot of other republicans,
we cannot afford a $4 billion a day deficit and trillion dollar plus deficits every single year. we just cannot afford it. so it requires thoughtfulness and it requires that we are going to have a plan to work through this. i think that that's where we as republicans are headed. >> congresswoman marsha blackburn, thank you for taking the time to talk to us. michael, let me get back to you in this meeting that speaker boehner is going to be having and convince that he's going to have to do...
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they have had multibillion-dollar deficits in the past. what i like to do, some of my friends who don't believe taxes matter including the guy in the white house, i say if you don't think taxes matter and affect behavior, explain to me, bill, why it is there has been about 500,000 new jobs over the last 10 years created in texas with no income tax and where california lost about 500,000 jobs? there is lot of factors but i think taxes are one of them. bill: 13% for california. if that is the case they leapfrogged hawaii. matt, give you the last point. if bobby jindal gets his way do folks in louisiana have a better chance at tracking jobs? >> absolutely yes. look at call to, what jerry brown is doing is short-term fix. bringing money by increasing taxes but the long-term effect jobs will leave, people will leave and hurt the economy long term. bill: matt, thank you. steve moore, thank you as well. e-mail is hemmer@foxnews.com. viewers on home on twitter that follow me, @billhemmer, file your one word, not one word, one line. martha: one wor
they have had multibillion-dollar deficits in the past. what i like to do, some of my friends who don't believe taxes matter including the guy in the white house, i say if you don't think taxes matter and affect behavior, explain to me, bill, why it is there has been about 500,000 new jobs over the last 10 years created in texas with no income tax and where california lost about 500,000 jobs? there is lot of factors but i think taxes are one of them. bill: 13% for california. if that is the...
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he knew that wasn't true and the deficit has gone through the roof and he said this to congress, deficit has gone through the roof since then. so he really -- there are a lot of republicans and one democrat, but there are a lot of republicans that didn't like his testimony. his testimony was false. and we'll see what happens. he's going to probably get the -- he's going to get it. a lot of things aren't being stopped. the republicans have not found a good way to stop things. and i'm not sure necessarily he should get stopped. this was the president's choice. the president did win the election. the president does have the right to make appointments and this is one of his appointments. but what he told congress was totally false and probably knowingly false. >> steve: i'm sure when he's called before that senate committee he's gog have an explanation of what he meant then and what he means now. >> they were tough statements and terrible statements and they couldn't have been more wrong. >> steve: yeah. turns out to be that case. all right. mr. trump, thank you very much. have a great week.
he knew that wasn't true and the deficit has gone through the roof and he said this to congress, deficit has gone through the roof since then. so he really -- there are a lot of republicans and one democrat, but there are a lot of republicans that didn't like his testimony. his testimony was false. and we'll see what happens. he's going to probably get the -- he's going to get it. a lot of things aren't being stopped. the republicans have not found a good way to stop things. and i'm not sure...